What is OneSpan Inc. worth?
With the base-case assumptions below, a discounted cash flow model on OneSpan Inc.'s reported free cash flow gives $21.60 per share. The share price was $17.81 on September 25, 2026, 18% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -2.5% | 10.0% | $13.85 | -22% |
| Base | 2.5% | 9.0% | $21.60 | +21% |
| Bull | 7.5% | 8.0% | $36.69 | +106% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $27.04 | $28.69 | $30.70 | $33.21 | $36.44 |
| 8.0% | $22.99 | $24.06 | $25.32 | $26.83 | $28.68 |
| 9.0% | $20.03 | $20.75 | $21.60 | $22.58 | $23.74 |
| 10.0% | $17.76 | $18.28 | $18.87 | $19.54 | $20.31 |
| 11.0% | $15.97 | $16.35 | $16.78 | $17.25 | $17.80 |
Where the presets come from
Base: years 1 to 5 grow at OneSpan Inc.'s revenue growth rate over the last 5 fiscal years (2.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions